On May 22, 2024, Brian Kelly, a prominent figure in the crypto investment realm and a trader on CNBC’s ‘Fast Money’, suggested that Solana (SOL) could potentially become the next cryptocurrency featured in a spot exchange-traded fund (ETF) in the United States. Kelly’s assertion sparked a spirited debate among experts and observers in the industry.
Kelly, renowned for his expertise in cryptocurrencies and blockchain, serves as the CEO of BKCM LLC, an investment firm specializing in digital currencies. A frequent contributor to CNBC, he offers insights into financial markets, particularly focusing on cryptocurrency trends and investment strategies.
He is also the author of “The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World,” a book exploring the transformative potential of Bitcoin and other digital currencies.
During CNBC’s post-market talk show, Fast Money, Kelly expressed his belief that Solana could emerge as a significant player in the ETF arena, alongside Bitcoin and Ethereum, during this market cycle.
However, not everyone shares Kelly’s optimism. Nate Geraci, president of The ETF Store, argued against the likelihood of a spot Solana ETF unless certain conditions, such as the listing of Solana futures on the Chicago Mercantile Exchange or a comprehensive regulatory framework for cryptocurrencies by Congress, are met.
James Seyffart, an ETF analyst at Bloomberg, echoed Geraci’s reservations, suggesting that a CFTC-regulated market for Solana futures would be necessary for a spot Solana ETF, which he anticipates could materialize within a few years. Seyffart highlighted potential challenges, including previous SEC classification of Solana as a security in lawsuits against Coinbase and Kraken, which could complicate future ETF applications.
In contrast to Kelly’s and Seyffart’s perspectives, Adam Cochran, a partner at Cinneamhain Ventures, proposed Litecoin (LTC) or Dogecoin (DOGE) as more likely candidates for the next spot ETF.
May 2024, Cryptoniteuae
